Tortola, British Virgin Islands – 12 June, 2012 – Wednesday, 30 May marked the 10th anniversary of the inaugural meeting of the Board of Commissioners of the British Virgin Islands Financial Services Commission (FSC). To celebrate this milestone, the Board hosted a commemorative dinner on Tuesday, 29 May at the Brandywine Bay Restaurant which was attended by Senior Managers at the FSC and invited guests including Acting Premier, Dr. the Hon. Kedrick Pickering, Minister for Health and Social Development, Hon. Ronnie Skelton Deputy Governor, Hon. Inez Archibald and the first Chairman of the FSC’s Board of Commissioners, Michael Riegels, QC.

In his remarks at the dinner, FSC’s Chairman Robin Gaul, commended the work that has been done by the Board of Commissioners during its 10-year tenure.

According to Gaul, “Much has been accomplished in these 10 years, and there now is greater international awareness of the quality and robustness of the BVI Regulatory Regime, as well as its compliance with relevant international standards and conduct of business best practices, and Commission Staff are now regularly invited to serve on international working groups, committees and task forces where these Standards are being shaped.”

Gaul highlighted The OECD Harmful Tax Competition Initiative; The EU Savings Directive and Code of Business Taxation; IOSCO Membership; CFATF Mutual Evaluation Exercises; IMF OCT and FSAP Assessments; Immobilisation of bearer shares; the commissioning, launching, and implementation of VIRRGIN; the Foot Report; and the introduction of a suite of new legislation, amendments, codes and rules as a few of the major assignments tackled by the Board over the years.

The FSC’s management and employees were also lauded for their work over the years. “Mr. Mathavious and his team are the reason why the British Virgin Islands has achieved world-wide recognition as a highly respected and trusted International Financial Centre, and I commend them on their excellence of service and their unfailing efforts to ensure that the BVI remains fully compliant with all international legislation and in fact leads the way in introducing new and inventive products and services”, Gaul added.

With regards to the future of the BVI as a jurisdiction of choice for financial services, the Chairman remarked, “We must all work together, government, industry, the Board and Commission to ensure that the BVI remains a reputable, well respected and attractive jurisdiction for international business. We must continue to devise new ways of ensuring that our laws, rules, policies and codes are relevant and updated regularly, to ensure they remain fit for purpose and do not act as a deterrent to the very business we seek to attract to our shores.”

About the British Virgin Islands Financial Services Commission

The BVI Financial Services Commission is an autonomous regulatory agency responsible for the regulation and supervision of financial services conducted in and from within the Territory.

The Registry of Corporate Affairs is a division within the BVI Financial Services Commission that administers the BVI Business Companies Act.